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39. During a recent fiscal year, Company ABC purchased merchandise inventory costing $4,000. Assume that all purchases were made on credit, and that its accounts

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39. During a recent fiscal year, Company ABC purchased merchandise inventory costing $4,000. Assume that all purchases were made on credit, and that its accounts payable is only used for inventory purchases. The following T-accounts reflect information contained in the company's balance sheets Inventories Accounts Payable $380 Beg. Bal. Beg. Bal. $1,100 End. Bal. $1,200 $360 End. Bal. What amount did the company record as cost of goods sold during the fiscal year

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